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Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
 High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power shortfalls seen recently in parts of the country are unlikely to drive large-scale shifts in investment plans, as the problems reflect weak peak-load flexibility rather than structural power shortages.
Total power consumption rose 9.4% yoy in November 2020, according to the China Electricity Council, and peak loads have reached record levels for many regional grids. Demand for power has been supported by robust economic growth, but also by unusually cold conditions that have bolstered demand for heating.
A variety of supply factors have also contributed to the power shortages. In areas such as Hunan, renewables contributions, particularly from hydropower, have been weak as a result of weather conditions. Regulatory pressures to curb thermal power carbon dioxide emissions in order to meet targets under the 13th Five Year Plan (ending in 2020) have also played a role in regions like Zhejiang.
Coal market dynamics have aggravated the situation. The government’s supply-side reform agenda has sought to improve the underlying stability of domestic coal markets by trimming excess supply, but in the near term this has reduced capacity to meet spikes in demand. Supplies have been dented further by tougher mining permit reviews and safety checks in Inner Mongolia, an important production region, and the impact of cold weather on transport systems and production in northern China.
Restrictions on imports of thermal coal from Australia may also have played a role at the margin. Such imports are small relative to total demand, and China has increased coal imports from other producers like Indonesia, but the curbs may have increased the vulnerability of local coal prices to demand spikes.
Meanwhile, in some provinces gas-fired power plants have failed to play their usual role in smoothing peak-load adjustments, as gas supplies were prioritised for heating in northern China. Gas-fired power’s contribution to generation has risen in January as additional gas has been sourced for heating, easing supply constraints.
There is no fuel-cost pass-through for coal. High energy prices will thus dampen near-term profitability among generating companies (gencos) with greater reliance on coal. This could affect Fitch-rated companies such as China Huaneng Group (A/Stable), China Huadian Corporation (A/Stable), State Power Investment Corporation (A/Stable), Guangdong Energy Group (A/Stable) and Zhejiang Provincial Energy (A/Stable). However, strong demand should raise capacity utilisation and reduce the price discount on market-traded power, offsetting the impact slightly.
Upstream producers such as Yanzhou Coal (BB-/Rating Watch Positive) and the three national oil companies should benefit from these same dynamics. However, we still expect coal prices to trend lower in the longer term, as the government remains committed to reducing coal’s share in the national energy mix.
The State Council stated on 8 January that development of natural gas and coal storage facilities, and emergency back-up power systems, would be accelerated. We have already budgeted high levels of capex for most power gencos in the medium term, focused mostly on renewable energy, and do not expect to change our forecasts significantly owing to the recent disruption. In addition, we do not expect substantial additional investment in LNG storage, but believe the government will accelerate approvals for new gas storage facilities and slow the phase-out of coal-fired power plants.
The government may also encourage provinces with power shortages to make greater use of imports, which could benefit issuers from surplus regions like Gansu Province Electric Power Investment (BBB-/Stable). Inter-provincial ultra-high-voltage distribution lines are available, but have been underutilised during the current situation as the supporting coal-fired power has not been available.
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Wednesday, 06 January 21
INDONESIA EXCEEDS COAL PRODUCTION TARGET IN 2020
Indonesian coal production reached 557.54 Million Tons in 2020 1.37% higher than of last year’s total target of 550.00 Million Tons, accordin ...
Wednesday, 06 January 21
CHINESE CITIES REPORTEDLY GO DARK AS COUNTRY FACES SHORTAGE OF COAL, A MAJOR AUSTRALIAN EXPORT - CNBC
Several major Chinese cities have reportedly gone dark as authorities limit power usage, citing a shortage of coal.
Analysts said pr ...
Tuesday, 05 January 21
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP - XINHUA
China Taiyuan coal transaction price index stood at 136 points Monday, up 0.91 percent week on week.
The index, released by China Ta ...
Tuesday, 05 January 21
THE INDONESIA COAL PRICE REFERENCE SOARS TO HIGHEST ONE-MONTH INCREASE SINCE DECEMBER 2016
COALspot.com: The Indonesia coal price reference for January 2021 settles above $75 for the first time since July 2019 and to highest one-month inc ...
Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
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- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
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